Central ND News

Today, North Dakota's Governor Kelly Armstrong enacted Senate Bill 2214, which officially merges the North Dakota Securities Department with the North Dakota Insurance Department. This consolidation aims to centralize regulatory authority under the state's elected insurance commissioner.

The newly signed legislation is designed to enhance the coordination of investigations into financial-related crimes, streamline licensing processes for financial professionals, and strengthen protections for the state's residents in both insurance and investment sectors.

Insurance Commissioner Jon Godfread stated, "This merger ensures North Dakotans receive the strong, streamlined oversight they deserve when it comes to financial products and services. By bringing these two regulatory arms under one roof, we’re building a smarter, more efficient government, one that’s ready to meet the challenges of the evolving financial landscape."

The Insurance Department is responsible for supervising the state's insurance sector, which includes licensing companies and agents and overseeing their products. Conversely, the Securities Department enforces securities laws to protect citizens from investment fraud while regulating firms and individuals offering investment opportunities.

This initiative mirrors similar efforts by at least 16 other states in the U.S., where insurance and investment oversight are managed within the same agency. The structural integration of these North Dakota agencies will proceed over the forthcoming months, with the official merger set to be completed by July 1, 2025.